Hafnia Tankers posts solid earnings

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Hafnia Tankers posted an operating profit for the nine months ended September 30, 2015 of $59.8 million and profit of $47.4 million.

Operating profit for the three months ended September 30, 2015 was $25.1 million and profit was $20.7 million.

The book value of the fleet, including newbuilds and remaining capex, as of September 30, 2015 was $1,103.0 million. As of September 30, 2015, we had $113.2 million in cash, $475.0 million of bank debt and $47.9 million in working capital, including $27.8 million in pool working capital1 . The remaining capex for the newbuilds was $206.8 million. As of September 30, 2015, we had $179.9 million available of undrawn bank financing to fund the newbuilds and, including our cash, the newbuild program is fully financed.

The product tanker market continued to benefit from high refinery margins combined with generally high gasoline, middle distillate and naphtha demand. The volatility of oil prices has encouraged additional trading activity of oil and refined products, leading to increased ton-miles supporting the demand for product tankers in the third quarter of 2015. Gross spot earnings of vessels trading in pools managed by Hafnia Management A/S for the three months ended September 30, 2015 were approximately $31,750 per LR1 vessel, $23,300 per MR vessel and $23,350 per SR vessel.

Hafnia took delivery of Hafnia Malacca (SR vessel), Hafnia Soya (SR vessel) and Hafnia Lene (MR vessel) in the third quarter of 2015. Hafnia expects to take delivery of one SR vessel and one MR vessels in the fourth quarter of 2015, one SR vessel and five MR vessels in 2016 and one MR vessel in 2017.

As of September 30, 2015, Hafnia’s fleet consisted of 28 owned vessels and six vessels chartered-in, as well as an orderbook of nine newbuild vessels.

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